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Filing of Income tax return (Late Filing)

Filing of Income tax return (Late Filing)

There is a last date for filing your Income tax return for each type of assessee. The dates are as follows for A.Y. 2018-19

Salary 31st July

Other assessee 30th September

Now what happens if you are unable to file the return by this date.well two types of consequences are there.

Filing beyond due date: Uptill A Y 2017-18 you would have the time till the end of Assessment Year to file the return without penalty and uptill the end of next A Y to file the return with Rs 5000.00 as penalty however if you failed to file the return uptill the end of next assessment year then you become a non filer and then the return can only be filed in response to a notice

However from this year there is a sea change in filing default

Filed after due date

Impact of Non Compliance

Return is filed on or before 31st December of Assessment Year but after due date and total Income exceeds Rs. 5 Lakh


Return is filed on or before 31st December of Assessment Year but after due date and total Income do not  exceeds Rs. 5 Lakh


In any other case 10000

Effectively it means that now you cannot file the return after the end of current assessment year .

Another change is for filing the revised return which as per old norms was any assessee if discovers any error can file the revised return within one year from the date of filing of original return or processing of return whichever is earlier.Now from this year a revised return can be filed upto the end of relevant assessment Year and no further.

So essentially from this year

File your return within time

If you discover any mistake revise it within the Assessment Year itself

For filing the returns and precautions to take read our earlier posts




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